Business News | Govt Circulates Draft Scheme for Quick Settlement of Contractual Disputes
Get latest articles and stories on Business at LatestLY. The draft scheme is available on the website of the Department of Expenditure as well as on the MyGov.in portal.
New Delhi [India], February 8 (ANI): The Ministry of Finance on Wednesday circulated a draft scheme for consultation with stakeholders. The scheme is aimed at bringing quick finality to certain contractual disputes in which the government or its agencies is a litigant.
The draft scheme is available on the website of the Department of Expenditure as well as on the MyGov.in portal.
In her Budget speech for 2023-24, Union finance minister Nirmala Sitharaman proposed to settle contractual disputes of government and government undertakings, wherein arbitral award is under challenge in a court.
Sitharaman had said this will be done by offering graded settlement terms depending on pendency level of the dispute.
The government said special efforts are required to clear the backlog of old disputes and litigation.
"Such cases are not only holding back fresh investment but are also reducing the ease of doing business with the Government. Therefore, after due study of the past cases, the government intends to bring one time settlement scheme called "Vivad se Vishwas II (Contractual Disputes)" to effectively settle pending disputes," a Ministry of Finance release said today.
The release added the scheme will be implemented through Government e-Marketplace (GeM). (ANI)
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